Deal is latest in ongoing string of major capital markets transactions for leading Latin American banks
NEW YORK, December 17, 2012– In its latest capital markets transaction in Latin America’s banking sector, Milbank, Tweed, Hadley & McCloy LLP has represented a group of major investment firms in their role as initial purchasers of the $400 million offering by Peru’s third-largest bank, Scotiabank Peru SAA.
Marcelo Mottesi, head of Milbank’s Global Securities Group, led the team advising the underwriter group, comprised of Bank of America Merrill Lynch, Goldman Sachs, and Scotiabank. Scotiabank Peru’s offering, of 4.50% fixed-to-floating rate subordinated notes due in 2027, closed on December 13.
Scotiabank Peru is a subsidiary of Bank of Nova Scotia, which is part of the Canada-based Scotiabank Group.
Milbank has handled nearly a dozen financings for Latin America’s leading financial institutions in 2011-12. That includes large debt offerings by Banca Mifel (Mexico), Banco Industrial (Guatemala); Banco de Galicia and Tarjeta Naranja (Argentina); Banco Santander (Brazil); Banco GNB Sudameris (Colombia); and Banco Continental and Banco Credito del Peru (Peru).
“Investor confidence in Latin America is very high right now – and particularly in Peru, with its brisk economic growth,” said Mr. Mottesi. “Many of the region’s banks have gained solid footing for commercial lending, retail business and investment.
We’re pleased to once again be working with a preeminent underwriter group in this strong issue from Scotiabank Peru, which drew immediate interest from institutional investors both inside and outside the Americas.”
In addition to Mr. Mottesi, Milbank’s deal team included New York-based partners Andrew Walker and Joel Krasnow; New York associates Adlin Castro, Elizabeth Rosado, and Joanna Grossman; and international associate Hernando Becerra, of Mexico City.
